Hochschild Mining will acquire International Minerals for its 40% interest in the companies’ joint-owned Pallancata silver mine and the Inmaculada gold-silver projects in Peru, to form a new Canadian company, according to officials.
Under the deal, SpinCo will emerge from Hochschild’s acquisitions of all issued and outstanding shares via a U.S. court-approved deal; each International Minerals shareholder will receive cash and common stock in the new public company, SpinCo.
International Minerals’ non-Peruvian assets will include remaining cash and receivables of $58 million with primarily Nevada-located subsidiaries and related liabilities. Following shareholder approval, the transaction is pending closure by Q4.
International Minerals’ CEO Stephen Kay hailed it a “win-win” situation “for both companies and their respective shareholders.”